Fashion

Hibbett Sports to be acquired by British sports fashion company in $1.1 billion deal

BIRMINGHAM, Ala. (WBRC) – Hibbett Sports announced Tuesday an agreement to be acquired by JD Sports Fashion PLC.

Under the terms of the agreement, the outstanding shares of the Birmingham-based athletic apparel and equipment retailer will be sold to JD Sports for $87.50 per share in cash, for an overall enterprise value of approximately $1.1 billion.

Today's announcement is a true testament to all that our Hibbett | City Gear's teams have been built over the years and reinforce the strength of our brands, our strong relationships with our supplier partners and our team of dedicated colleagues across the country, said Mike Longo, President and CEO of City Gear. Hibbett. JD Sports is a respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are excited to begin this new chapter with JD Sports and believe this transaction will enable us to fulfill our customer-focused mission even more effectively in the years to come.

The transaction, unanimously approved by Hibbett's board of directors, is expected to be completed in the second half of 2024. The transaction is subject to Hibbett shareholder approval, receipt of required regulatory approvals and the satisfaction of other customary closing conditions. . Once finalized, the deal will see Hibbett cease to be a publicly traded company.

Hibbett, which will remain headquartered in Birmingham following the closing of the transaction, will join the JD Sports family of retail brands with locations across the globe.

Today is an important milestone for JD Sports as we take this transformational step as a global leader in the sports fashion industry through this transaction with Hibbett, said Rgis Schultz, CEO of JD Sports . We are delighted to acquire Hibbett | City Gear, combining two of the most respected sports retail brands in the United States, as we continue to strategically expand our global multi-brand platform. With Hibbetts' highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, enabling us to further meet the dynamic demands of consumers around the world.

Hibbett Sports was founded in 1945 by Rufus Hibbett as Dixie Supply Co. and was renamed Hibbett & Sons seven years later. The company went public on NASDAQ in 1996 and has more than 1,000 stores in the United States.

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Sources

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2/ https://www.wbrc.com/2024/04/23/hibbett-sports-be-acquired-by-british-sports-fashion-company-11-billion-deal/

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